Last week, President Obama gave the commencement speech at Arizona State University. He advised the graduates to avoid accumulating too much debt, to not live beyond their means.

This is sound advice. Unfortunately, it’s advice Obama doesn’t seem to believe in himself.

Obama’s spending is sending the public debt levels into uncharted territory, forcing accountants and artists to collaborate on new shades of red to describe the ink he’s using.

At least, however, he’s consistent. A recent study of the Obama family finances for the last decade or so shows they were not only living high on the hog, but high on a borrowed hog. Indeed, if it weren’t for a few key windfalls — Barack Obama’s bestselling book and his election to the Senate, Michele Obama’s receiving a 160% raise after he was elected to the Senate (shortly before he steered a seven-figure earmark to her employer) —  the Obamas could have been poster-children for the bursting of the housing bubble.

At least Obama is smart enough to surround himself with people who know what they’re doing, right?

Not so much. Several of his top picks couldn’t even manage to pay their own taxes (in fact, his Treasury Secretary was busted as a tax cheat). And his vice-president, Joe Biden, has a rather hefty mountain of debt of his own — estimates put it as much as twice his annual salary.

I’m not too concerned for Biden. His living expenses for the next few years are going to be drastically lowered. Free housing and transportation alone (meaning he could sell off his cars and rent out his house) will save a nice chunk of change he could use to pay down his debts.

Perhaps that’s the secret part of Obama’s recovery plan for America: we will all just write a best-selling book, and get elected to a high-paying office from which we can steer money to our spouses. (He might have learned that trick from Dianne Feinstein.)

Of course, this leaves us wondering who will buy all those books, and who will be paying the taxes to support all of our high-paying government jobs, but that’s what the next generation is for…

After all, kids can’t vote.